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Predetermined overhead rate-various cost drivers

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Predetermined Overhead Rate; Various Cost Drivers 

The following data pertain to the Oneida Restaurant Supply Company for the year just ended.

Budgeted sales revenue                                                        $205,000 

Actual manufacturing overhead                                                 340,000 

Budgeted machine hours (based on practical capacity)               10,000 

Budgeted direct-labor hours (based on practical capacity)           20,000 

Budgeted direct-labor rate                                                       $ 14

Budgeted manufacturing overhead                                          $364,000

Actual machine hours                                                              11,000 

Actual direct-labor hours                                                         18,000 

Actual direct-labor rate                                                            $ 15

Required: Compute the firm's predetermined overhead rate for the year using each of the following common cost drivers: (a) machine hours, (b) direct-labor hours, and (c) direct-labor dollars. Calculate the overapplied or underapplied overhead for the year using each of the cost drivers listed above.

Reference no: EM132105047

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